Eledon (ELDN) Shares Decline Despite Positive Tegoprubart Trial Data

Eledon Pharmaceuticals (ELDN) shares dropped on June 23, 2026, despite the company presenting new positive long-term data for its drug Tegoprubart from a Phase 2 kidney transplant study. The stock declined 16.2% in premarket trading, reacting to the update. The data, unveiled at the American Transplant Congress 2026, showed 100% graft and patient survival at 18 months post-transplant in high-risk patients (n=10). Crucially, no patients required dialysis, and no biopsy-proven acute rejection or donor-specific antibodies were observed. Tegoprubart, an anti-C5a antibody, is designed to mitigate inflammation and complement activation, which are critical factors in transplant rejection. The positive clinical outcomes highlight its potential in improving long-term success rates.